November 10 1999
The Companies (Amendment) Ordinance 1999, which was enacted on June 30 1999, will come into operation on November 11 1999. The major changes introduced by the ordinance are outlined below. For a more detailed discussion of the ordinance please see Legislature Considers Streamlining Company Law.
A new Section 291AA provides for the de-registration of defunct, solvent private
Private companies, with the unanimous consent of their shareholders and which have no outstanding liabilities, can apply to the Registrar of Companies to be de-registered. Applicants are required to apply for a written notice of no objection from the Commissioner of Inland Revenue. Application forms need to be completed and fees must be paid.
With effect from November 11 1999, no further applications to strike off companies under old Section 291 of the ordinance will be accepted.
Also, there is a new requirement for private companies to file a copy of the auditor's notice of resignation (amending Section 140A(3)(a)).
The amendments to the Companies Ordinance provide for the following:
The amendments remove the requirement for listed companies to report other directorships of their directors (amending Sections 158 and 333).
For further information on this topic please contact Noeleen Farrell at Deacons Graham & James by telephone (+852 2825 9211) or by fax (+852 2810 0431) or by e-mail (email@example.com).
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